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What is Third Party Car Insurance?
Third-Party Car Insurance provides coverage against third-party liabilities. It is mandatory by Indian Motor Vehicle Act, and driving without valid Third-Party Car Insurance can lead to fines. The primary goal of the policy is to provide coverage for third-party damages caused by the insured vehicle.
Features of Third-Party Car Insurance
Third-Party Insurance provides financial coverage to the
policyholder if they accidently cause any damage to third-party
property, personal injury, or loss of life.
Third-Party Car Insurance does not provide any coverage for the
policyholder’s loss with regard to his own property or injuries
or death OR occupant or pillion rider. However, if the
policyholder causes any injury or loss of life to the third
party, the insurance provider will cover them and protect them
from financial burden. Third-Party Car Insurance provides
coverage against third-party liabilities and you can avail of it
at an affordable premium.
What Is Covered Under Third-Party Car Insurance Options in Shriram General Insurance?
- What is Covered?
- What is not Covered?
Third-Party Insurance will only cover accidental damages caused to the third party by insured vehicle. The insurance will cover physical injuries, property damage, and loss of life. The insurance provider will compensate the third party for the damages caused by the policyholder.
- Third-Party Insurance will not cover for the following instances.
- Accidents caused by driving under the influence of alcohol.
- If the driver is under-aged and does not have a valid driving license.
- If the insured vehicle has been used for any illegal activities or commercial purposes.
Benefits of Purchasing Third Party Car Insurance
Third-Party Car Insurance is mandatory by law according to the Motor Vehicles Act, 1988 for those owning a private car or bike. The insurance provides coverage for legal liability, damage or loss of life to the third party caused by the policyholder. The benefits of Third-Party Car Insurance are listed below.
How to buy Third Party Car Insurance Online?
You can purchase Shriram Third-Party Car Insurance in three simple steps. You can visit the website (https://www.shriramgi.com/)/MySGI App or call our toll-free number ( 1800-300-3000/ 1800-103-3009) at your convenience.
Third Party Car Insurance Vs Comprehensive Car Insurance
| Benefits and Coverage | Third-Party Coverage | Comprehensive Coverage |
|---|---|---|
| Own-Damage to the car due to an accident |  |  |
| Own-Damage to the car due to fire | | |
| Own-Damage to the car due to natural calamities | | |
| Third-Party damage to the vehicle | | |
| Third-Party damage to property | | |
| Compulsory Personal Accident Cover | | |
| Theft of the vehicle | | |
| Cashless Claims | | |
| No Claim Bonus (NCB) | | |
| Riders/Add-ons | | |
Why Do You Need Third-Party Insurance?
Third-Party Car Insurance is mandatory according to the Indian Motor Vehicles Act of 1988. If you cause any damage or loss of life to a third party, you can be charged with penalties. Additionally, victims of such accidents suffer without proper support to pay their medical bills.
To help people recover and to provide proper compensation, the government made Third-Party Insurance mandatory. This will not burden the policyholder, and the victim will also be able to get proper medical assistance.
Factors Determining Third Party Car Insurance Premium Rates
The premium rates of Third-Party Insurance Car Insurance are determined based on the following details. Unlike Comprehensive Car Insurance, that covers both own damage and third-party liabilities, Third-Party Car Insurance only covers injuries, damages and loss of life to third parties. So, while calculating the premium, only potential liabilities that arise from an accident by the policyholder are focused on.
Cubic capacity of the vehicle
The engine capacity of the vehicle plays a major role in determining the premium. The vehicles that have a higher cubic capacity are usually associated with higher risks and have higher premium rates.
Who should buy Third-Party Car Insurance?
Third-party car Insurance is mandatory by law, so every vehicle owner should have valid third-party insurance. This protects the policyholder from heavy compensation burdens. It is also necessary to flash your Third-Party Car Insurance document when a Police Official asks you.
How to calculate Third-Party Car Insurance premium?
The premium for Third-Party Car Insurance will be calculated based on the cubic capacity of the car. Cars with a higher cubic capacity will have a higher premium. Additionally, private and commercial usage will also be taken into account.
Top reasons to choose Shriram general Insurance for Third Party Car Insurance
Shriram Motor Insurance provides Third-Party Car Insurance at affordable rates. Additionally, you can purchase third party insurance with minimal paper works at Shriram’s Motor Insurance digital platform. Shriram General Insurance has dedicated customer support to help with all your queries.
Here are the steps to raise a claim on the Shriram General Insurance website/app
The procedure for initiating a claim in Third-Party Insurance is different from that of other policies due to legal obligations. Specific legal formalities must be fulfilled. Shriram General Insurance has a website that makes initiating a claim for Third-Party Insurance easy. The steps to initiate a claim process for Third-Party Insurance are listed below.
1. The first thing to do is to report the accident to us and furnish the vehicle details.
2. The Third-Party must file an official FIR regarding the accident.
3. The case should be registered with the Motor Vehicle Tribunal.
4. The Motor Vehicle Tribunal will conduct the hearing, and all the evidence and testimonials related to the accident should be submitted.
5. After considering the evidence, the tribunal will announce the guidelines for claim settlement and other procedures.
6. The claim amount will be settled according to the court’s decision.
How to Download your Third Party Car Insurance Policy online?
You can download a copy of your Third-Party Car Insurance Policy with just a click.
Step 01
Visit the website https://www.shriramgi.com/ and enter your car details like car number and policy number.
Step 02
Click download, and your car is insured.
Shriram Car Insurance in Major Cities in India
Delhi
Chennai
Mumbai
Ahmedabad
Gurgaon
Bangalore
Agra
Bhopal
Pune
Indore
Jaipur
Dehradun
Shriram Car Insurance for Popular Car Brands
Road Tax by States
- Road Tax for Delhi - 4-12.50%
- Road Tax for Tamil Nadu - 12-20%
- Road Tax for Haryana - 4-10%
- Road Tax for Maharashtra - 7-14%
- Road Tax for AP - 12-14%
- Road Tax for Kerala - 7-17%
- Road Tax for Karnataka - 13-18%
- Road Tax for Punjab - 6-8%
- Road Tax for Gujarat - 6%
- Road Tax for Rajasthan - 5-10%
- Road Tax for Uttarakhand - 4-5%
- Road Tax for Uttar Pradesh - 7%
Frequently Asked Questions
Is Comprehensive Car Insurance mandatory?
No, Comprehensive Car Insurance is not mandatory. However, Third-Party Car Insurance is mandatory by law.
Can I covert Third-Party Car Insurance to Comprehensive Car Insurance?
Your Motor Insurance policy cover remains in force for 12 months from the date of commencement (or as otherwise shown on your policy schedule)
What are the coverages provided in Comprehensive Car Insurance?
Yes. Please use an online premium calculator for an estimate. The cost of your Shriram Car Insurance depends on factors like your car's make, model, year, Insured Declared Value (IDV), type of insurance, and any additional features you select. These factors are considered to determine your car insurance premium.
